The potential applications of cryptocurrencies and its underlying blockchain technology have been hailed by almost all the industries so far. Blockchain technology is probably the most versatile of all the technologies so far, right after the internet perhaps. Even though its potential applications in various industries has already been endorsed by experts in both cryptocurrency and other fields, there are still doubts among select few.
A leading online tech magazine, in one of its recent article, claims that the digital currency and its underlying technology are “solutions that are looking for problems”. The publication goes on to explain its headlines further by mentioning the slow progress in the development and implementation of blockchain technology by banking and financial institutions. It also points out the slowdown of venture capital investments into blockchain based companies across the world.
The arguments presented by the publication follows another publication that referred to Bitcoin as “boring”. But for those who understand Bitcoin and the blockchain technology better, the scenario is completely different. It is not the technology to be blamed, but the industry. In order to explain blockchain in simple terms, it can be referred to as a combination of conventional database and Bittorrent